Live auction system

ABSTRACT

A method of conducting an auction transaction via a global communication network includes receiving requests to participate in a live auction, incrementing a bid price for participants at periodic time intervals, acknowledging withdrawal by each of the participants until a last active participant remains in the live auction and designating the last active participant as the auction winner.

CROSS REFERENCE TO RELATED APPLICATIONS

This utility patent application claims priority to U.S. provisionalpatent application 60/658,378 filed on Mar. 4, 2005, which is herebyincorporated by reference.

BACKGROUND

Online Auctions have made purchasing and selling easier and moreefficient then ever before in history. It is a trend that continues togrow rapidly giving businesses that utilize this technology acompetitive advantage.

Some auction products may be perishable items that must be sold quickly.For example, fish is a commodity which may be caught at sea and must besold and shipped within a few hours. Thus, a need exists for an auctionsystem that can be used to quickly sell a perishable commodity.

SUMMARY

In one general aspect, a method of conducting an auction transaction viaa global communication network includes receiving requests toparticipate in a live auction, incrementing a bid price for participantsat periodic time intervals, acknowledging withdrawal by each of theparticipants until a last active participant remains in the live auctionand designating the last active participant as the auction winner.

Embodiments may include one or more of the following features. Forexample, the method may include assigning a floor price to begin thelive auction.

As another feature, the method may include monitoring a networkconnection status of each of the participants and automaticallywithdrawing any of the participants with a failed network connection. Inaddition, the method may log the failed network connection information.

In another embodiment, the method may include allowing each of theparticipants to enter a maximum bid price and automatically withdrawinga participant from the live auction when the incremented bid priceexceeds the maximum bid price of the participant.

As still another embodiment, the method includes capturing highresolution video images of the auction product and streaming the highresolution video images to the participants. The video image quality maybe suitable that the product quality can be graded without an on-sitevisual inspection. As another feature, a zoom feature may be enabled toprovide the participants with detailed views of the auction product.

Status updates may be provided to the participants in the live auctionat periodic time intervals. Other information may also be provided tothe participants, such as, for example, grading of the product quality.

The status updates may be provided by a partial refreshing of the screenview of each participant such that the entire page being viewed need notbe reloaded.

As a prerequisite to auction participation, requesters may bepre-approved and/or authenticated prior to being allowed to participatein a live auction.

The auction winner may be notified of the winning bid price and themethod of shipping, which may be a pre-specified shipping method. Anelectronic account of the auction winner may be debited for the winningbid price.

In another general aspect, an auction transaction system includes asensor module connected to a communications network to monitor aconnection status of auction participants, an auction server running anauction application that increments a bid price for the auctionparticipants at periodic time intervals, acknowledges withdrawal by eachparticipant until only a last participant remains in the live auctionand designates the last participant as the auction winner and a camerathat captures a high resolution video image of the auction product, theimage being made available to each auction participant to evaluateproduct quality. The system may include one or more of the abovefeatures.

In still another general aspect, an auction software program includes afirst code segment to receive a request from more than one party to be aparticipant in a live auction, a second code segment to increment a bidprice for each participant at periodic time intervals, a third codesegment to acknowledge withdrawal by each participant until only a lastparticipant remains in the live auction and a fourth code segment todesignate the last participant as the auction winner.

The program may include one or more of the above or following features.For example, the program may include a fifth code segment to refreshonly a portion of a screen view of each participant.

DESCRIPTION OF THE DRAWINGS

FIG. 1 shows a flowchart of a method of conducting a live auction;

FIGS. 2 a-2 e show screenshots viewed by bidders/participants during thelive auction; and

FIG. 3 shows a block diagram of an auction system running on acommunications network.

DETAILED DESCRIPTION

Referring to FIG. 1, a method of conducting an auction transactionincludes receiving requests to participate in a live auction (step 105).The status of the requester is verified as a pre-approved auctionparticipant (step 110). If the requestor is not pre-approved toparticipate, the requestor is rejected as a participant (step 115).

The auction begins at a specified floor price (step 120) and accordingto parameters established by the auction manager. For example, theauction may begin at a predetermined date and time and/or when athreshold number of participants are included in the live auction.

The method ensures that each participant has an active networkconnection (step 125). Any participant that loses their Internetconnection is removed from the bidding (step 130) to prevent “ghostbidding.” The network connection may be checked at short time intervals,such as, for example, every quarter-second or half-second.

The bid price is incremented at periodic time intervals (step 135). Theauction manager may vary the time or increment value depending on thenature of the auction product or other considerations.

When the bid price is incremented, the new price information is updatedon each participant's viewing screen. However, instead of reloading theentire page, only the incremental price information is updated. Thisminimizes download delay time between when the bid price is incrementedat the auction manager's site and when the updated information isreceived for viewing by each of the participants.

The auction participants are given the opportunity to withdraw from thelive auction. The method monitors the live auction to determine whetherany withdrawal instruction has been received (step 140). Withdrawingparticipants are removed from the bidding in the live auction (step145).

The method allows participant withdrawal until only one active bidderremains in the live auction, referred to as the “last man standing”(step 150). The last man standing is deemed to be the auction winner andis awarded the sale of the auction product at the current bid price(step 150). Another live auction for the next auction product in thequeue may then be initiated after a brief period of time.

Screenshots of the live auction experience are shown in FIGS. 2 a-2 e.When the participant logs on to connect to the auction system server,the participant is presented with a menu of items available for auctionfor that day (FIG. 2 a).

The participant can then select a specific auction lot to get moreinformation (FIG. 2 b). For example, the participant can get informationabout the product quality and get also get a high resolution image ofthe product. A zoom viewer allows the participant to closely inspect theauction product.

Upon commencement of a live auction, bidding begins at a floor pricewhich, as shown in FIG. 2 c, starts at $2.00/lb. The participants canview the actual number of participants in the live auction and they alsoview a large orange withdraw button which can be clicked or actuated atany time to withdraw from the bidding.

The bid price is incremented upward from the floor price at periodictime intervals (FIG. 2 d) until there are only two remaining auctionparticipants. When the second to last participant withdraws, the lastman standing is the auction winner and he is presented with a screenthat displays information about the winning bid (FIG. 2 e).

Referring to FIG. 3, a communications network 310 connects the biddersor participants 315 a-315 c to the live auction system. A server 320which runs the auction software application is also connected to thenetwork 310.

A workstation 325 at the auction or inventory site 330 is used to managethe live auction process. For example, the workstation can be used tospecify the auction time and date, bid floor price, bid increments, bidincrement timing and other live auction parameters.

A camera 335 is used to capture high resolution images of the auctioninventory which is brought in by suppliers/vendors 340. The images canbe uploaded to the communications network 310 via the workstation 325.The bidder/participants 315 a-315 c can access a zoom feature such thatthe inventory can be carefully inspected.

1. A method of conducting an auction transaction via a globalcommunication network, comprising: receiving requests to participate ina live auction; incrementing a bid price for participants at periodictime intervals; acknowledging withdrawal by each of the participantsuntil a last active participant remains in the live auction; anddesignating the last active participant as the auction winner.
 2. Themethod of claim 1, further comprising: assigning a floor price to beginthe live auction; wherein incrementing comprises incrementing the bidprice from the floor price.
 3. The method of claim 1, furthercomprising: monitoring a network connection status of each of theparticipants; and automatically withdrawing any of the participants witha failed network connection.
 4. The method of claim 3, furthercomprising: logging the failed network connection information.
 5. Themethod of claim 1, further comprising: allowing each of the participantsto enter a maximum bid price; and automatically withdrawing aparticipant from the live auction when the incremented bid price exceedsthe maximum bid price of the participant.
 6. The method of claim 1,further comprising: capturing high resolution video images of theauction product; and streaming the high resolution video images to theparticipants.
 7. The method of claim 6, further comprising: grading aproduct quality of the auction product based on the high resolutionvideo images.
 8. The method of claim 6, further comprising: enabling azoom feature to provide the participants with detailed views of theauction product.
 9. The method of claim 1, further comprising: providinga status update to the participants in the live auction.
 10. The methodof claim 1, further comprising: grading a product quality of the auctionproduct.
 11. The method of claim 10, further comprising: posting theproduct quality of the auction product.
 12. The method of claim 1,further comprising: refreshing a screen view of each of the participantsin the live auction.
 13. The method of claim 12, wherein refreshing thescreen view includes refreshing only a portion of the screen view. 14.The method of claim 1, further comprising: authenticating each of theparticipants as a pre-approved auction participant.
 15. The method ofclaim 1, further comprising: notifying the auction winner of the winningbid price.
 16. The method of claim 1, further comprising: debiting anelectronic auction payment account of the auction winner in an amountthat includes a last incremented bid price.
 17. The method of claim 1,further comprising: preparing a shipping order to deliver the auctionproduct to the auction winner.
 18. An auction transaction system,comprising: a sensor module connected to a communications network tomonitor a connection status of auction participants; an auction serverrunning an auction application that increments a bid price for theauction participants at periodic time intervals, acknowledges withdrawalby each participant until only a last participant remains in the liveauction and designates the last participant as the auction winner; and acamera that captures a high resolution video image of the auctionproduct, the image being made available to each auction participant toevaluate product quality.
 19. An auction software program, comprising: afirst code segment to receive a request from more than one party to be aparticipant in a live auction; a second code segment to increment a bidprice for each participant at periodic time intervals; a third codesegment to acknowledge withdrawal by each participant until only a lastparticipant remains in the live auction; and a fourth code segment todesignate the last participant as the auction winner.
 20. The auctionsoftware program of claim 19, further comprising: a fifth code segmentto refresh only a portion of a screen view of each participant.